Software Consists of the Physical Devices Associated with a Computer

question 8

True/False

Software consists of the physical devices associated with a computer system, where hardware is the set of instructions the hardware executes to carry out specific tasks.

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Definitions:

Valuation Allowance

A reserve established against deferred tax assets to reduce their value to an amount that's more likely than not to be realized.

Income Tax Obligation

The amount of money a person or entity is legally required to pay to the government based on their taxable income.

Historical Tax Rates

Past tax rates that have been applied to individuals or corporations, which can indicate trends and policy changes.

Deferred Tax Liability

A tax obligation that a company owes in the future due to timing differences between its taxable income and its accounting income.